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Medtronic’s CEO William Hawkins has received compensation worth nearly $7.1 million in the fiscal year of 2008, according to a proxy statement filed July 18.

Hawkins was appointed CEO last August, replacing Art Collins, who had led the company since 2002. Hawkins will also replace Collins as chairman of Medtronic’s board in August, at which time Collins will retire.

According to the proxy statement for Minneapolis-based Medtronic, Hawkins earned $996,000 in salary, plus $971,749 in incentive-plan compensation for the fiscal year, which ended April 25. He also received stock and options valued by the company at $5.1 million.

The entire pay package amounts to a 40 percent boost from the $5 million in compensation Hawkins received in 2007, according to Forbes. In fiscal 2007, the company reported that he earned a salary of $775,000 and $490,963 in incentive-plan compensation.

Forbes reported that Collins accrued $2.1 million in compensation for the year, primarily as chairman of the company's board of directors. He is scheduled to step down Aug. 21, the day of the company's annual meeting.